CMC Complaint & Ombudsmans Response

[gle101]

SB is not perfect, we all know that. But is is a lot better compared to going back a few years ago. There is a place for both, trading huge bets with SB, this combined with poor risk and money management is not very wise (as this thread have clearly shown). It is kind of boring hearing over and over again about that spread betters should move over to DMA. At least I know, when I should trade SB, and when its time to move over to DMA.

 

[tradernew]

Skewed Spreads
One practice (which, again, is thankfully less common now than it was a few years ago) is to skew the spread in the direction of the market move. In other words, if the market is trending rapidly down, most people are selling, so, although the spread may be the same, the prices quoted will be that much lower than in the real market, as most people would be selling into a down move. As soon as the market looks like it's going to recover, the skew is switched around the other way. This can shave several points off a client's profit. However, it can backfire in that not only does it upset customers by appearing unfair.


CMC is still doing this even now. During market hours spread on Ftse100 is 2 and after hours (Uk) is 3 and after 9pm spread goes to 6. But After Uk market closes, CMC in addition to increasing the spreads, skewing the spreads 4-6 more poinst in the direction it will suit their positions in the book. It happened yesterday and 2 times last week. CMC is clearly a bucket shop, uses every fraudulent trading tricks to make unfair profit.

 

[TomTom]

I must reiterate that when using a SB Firm you are trading there prices.
Indeed by squiring the quotes, this is done by moving fair value so they say ( But is fraudulent activity )
CMC are cirtainly a bucket shop, but when you have large profits they will suspend your online trading, re quote you or obstruct you from closing the postion. Many times with CMC I have been put on to manual execution.
Trade a few quid a point and your ok, but increase these sizes and win they will suspend your account while a postion is still open.

 

[gle101]

Skewed Spreads
One practice (which, again, is thankfully less common now than it was a few years ago) is to skew the spread in the direction of the market move. In other words, if the market is trending rapidly down, most people are selling, so, although the spread may be the same, the prices quoted will be that much lower than in the real market, as most people would be selling into a down move. As soon as the market looks like it's going to recover, the skew is switched around the other way. This can shave several points off a client's profit. However, it can backfire in that not only does it upset customers by appearing unfair.


CMC is still doing this even now. During market hours spread on Ftse100 is 2 and after hours (Uk) is 3 and after 9pm spread goes to 6. But After Uk market closes, CMC in addition to increasing the spreads, skewing the spreads 4-6 more poinst in the direction it will suit their positions in the book. It happened yesterday and 2 times last week. CMC is clearly a bucket shop, uses every fraudulent trading tricks to make unfair profit.

Makeing easy money by arbritrating, yes thank you I would apply. Why don't you do it?

 

[ns1000]

Makeing easy money by arbritrating, yes thank you I would apply. Why don't you do it?

Because if the spread is 6, there's much less chance of there being an arb between two quotes. You also have to be able to unwind the arb at zero or low cost.

 

[gle101]

Because if the spread is 6, there's much less chance of there being an arb between two quotes. You also have to be able to unwind the arb at zero or low cost.

Yes I got your point, with a spread of 6 it might not be easy to end up in profit. This is a problem with off hours price, you don't have the future to rely on for correct pricing. Honestly, not the SB fault if you trade during these hours and definitely not with a spread of 6.

 

[gle101]

I must reiterate that when using a SB Firm you are trading there prices.
Indeed by squiring the quotes, this is done by moving fair value so they say ( But is fraudulent activity )
CMC are cirtainly a bucket shop, but when you have large profits they will suspend your online trading, re quote you or obstruct you from closing the postion. Many times with CMC I have been put on to manual execution.
Trade a few quid a point and your ok, but increase these sizes and win they will suspend your account while a postion is still open.

I do not trade with CMC, but I wonder why you stayed with them for so long, and not moved on to another SB when you felt they delivered a bad service? I cannot imagen CMC being bad all through, they would have any clients if that would be the case. I understand this thread is dedicated to people who like to bring out their own cases like yours, but to entirely blame a certain SB for all sort of wrong doings, does not hold true in my eyes.

 

[TomTom]

I do not trade with CMC, but I wonder why you stayed with them for so long, and not moved on to another SB when you felt they delivered a bad service? I cannot imagen CMC being bad all through, they would have any clients if that would be the case. I understand this thread is dedicated to people who like to bring out their own cases like yours, but to entirely blame a certain SB for all sort of wrong doings, does not hold true in my eyes.

No real problems with CMC untill they supsended my trading and obstructed me from taking large profits.
As for blaming CMC for every thing cirtainly not they do have there good points.
When a company deliberatly omitts the truth for financial gain it is then i have a problem.
I hope this reiterates my stance

 

[gle101]

No real problems with CMC untill they supsended my trading and obstructed me from taking large profits.
As for blaming CMC for every thing cirtainly not they do have there good points.
When a company deliberatly omitts the truth for financial gain it is then i have a problem.
I hope this reiterates my stance

Well, as I said earlier, there is a place for both SB and DMA. Putting larger stakes on the line, you definitely should go DMA and not rely on a market maker. Risk and money management is as we know crucial in trading, this hold true in both cases presented on this thread. This said, I don't defend any wrong doings by the SB.

 

[Richard4762]

Re: CMC Complaint & Ombudsmans Responce

I have information from an ex employee of IG Index, revealing the tactics they employed to stop winners taking their profit and insider dealing. I have a case with the FOS concerning a thread I posted - Have you been scammed by IG, back in March. I have other information from people who feel they have been cheated by IG and this is all being collated as we speak and will be posted on my website igindexarecheats.

 

[Splitlink]

Re: CMC Complaint & Ombudsmans Responce

Last year I mentioned that I had an outstanding dispute with CMC and have requested FOS deal with it.
The complaint was that CMC let me build up a large postion of over £2k per point on an index postion and when it come to take profits online trading was refered to telephone dealer. It was at this point problems started.
The dealer refused to accept my instructions to close this postion either at the full amount or smaller size's.
The responce from the FOS dose not believe that CMC would send a message to telephone dealer as they are an online execution only company.
Due to the fact that I have requested lots of information from CMC under Data Protection Act they then and never delived any information, the had taken money from me for that payment the FOS and Comissioners Office still have not taken any action against CMC. And this is a very sierouse offence, We dont stand a chance.
Any other traders ever had a message to phone dealer ? Please post now
Any other traders had a dispute with CMC ?
Any other traders have problems with CMC ?
The FOS has not upheld my complaint against CMC in my opinion because simply CMC are a big fish company and if they tell FOS what they have done is correct the FOS will believe them.
Clearly the person who was dealing with this case at FOS was out of his depth as lots of other relevent information was left out of his dessission.

For information I requested the FOS get records of my postions ofset into the market to show that CMC would not have an intrest in not letting me execute my orders as a substansial amount was gained in a short anount of time. I believe these trades we not hedged and some ones head was on the line if they were to pay out on this bet, hense no internet trades accepted & the need to phone dealer.FOS did not even request or recieve this reletive information.

The FOS even reports that CMC could not find any telephone calls from me, then states a time given by CMC when i called the dealing desk, FOS must have lossed the plot ?
Anyway this has gone on for a long time now and needs to be put behind me.

If you were to trade small or large and loose CMC will be ok with you, Trade large and generate healthy profits and they will crusiefy you.

Regards

Tom

I just want to clarify that "k".

Do I understand that you had a £2000 per point position with CMC?

 

[Splitlink]

Re: CMC Complaint & Ombudsmans Responce

I had the same problem with Finspreads, 'phone a dealer', the dealer doesnt answer and if he does its 10 mins later you have lost big time. The anger you feel watching money drip through your fingers when the phone is ringing unanswered

I was £7500 in the hand on the DOW, IG wouldnt let me close.... but it did when I had £3000 in the hand, down £4000.... it came up with some error on the screen asking me for stop loss which i had done

These bucket shops are robbers, but multi million pound companies hidden behind closed doors, you have not got a chance of getting money back..

Final note

THESE COMPANIES NEVER MESS UP ON THE SMALL TRADES

I have had had that sad experience with a broker, too.

SB firms are not the only ones who do not, always, pick up the phone.

 

[sfarmer]

I had the same problem with Finspreads, 'phone a dealer', the dealer doesnt answer and if he does its 10 mins later you have lost big time. The anger you feel watching money drip through your fingers when the phone is ringing unanswered

I was £7500 in the hand on the DOW, IG wouldnt let me close.... but it did when I had £3000 in the hand, down £4000.... it came up with some error on the screen asking me for stop loss which i had done

These bucket shops are robbers, but multi million pound companies hidden behind closed doors, you have not got a chance of getting money back..

Final note

Yes they do! They even throw made up bets in to your account in order to "correct" previous winning ones! and what is worse the FSA crowd agree with them that that is a fair way of doing business. I really think we should campaign for the useless FSA to go, and do not trade with cmcmarkets. They are there to take your money WITH the blessing of the FSA. I hope one day someone will cast an eye over this and admit that what they do is daylight robbery, then maybe some of us will get our stolen money back! I am keeping all the evidence just in case.

THESE COMPANIES NEVER MESS UP ON THE SMALL TRADES

 

[JohnD2012]

I've presented a complain to the FSO about CMC Markets UK, regarding messing with the prices of my orders and altering the balance of my acc (in their favour of course).

I've asked for the FSO to investigate, but instead they are only accepting the last trade I did, cause I've presented irrefutable proof, which is an email from CMC confirming that my balance with a timestamp. Minutes later they changed the balance on my account, stealing money, the justification is that they had executed at a lower price by mistake.... in reality they adjusted to give me the worst possible price, i.e. best for them.

Don't know what to do next, the FSO says I should accept CMC's "offer" to return the money from the last trade.

It's just amazing, where's the FSA??

Please help me if you have information in the press or other that I can use as backup to show that CMC is a scam and is ripping clients, by using requotes, freezing access to the platform and messing with the execution prices and timestamps.

 

[gle101]

I've presented a complain to the FSO about CMC Markets UK, regarding messing with the prices of my orders and altering the balance of my acc (in their favour of course).

I've asked for the FSO to investigate, but instead they are only accepting the last trade I did, cause I've presented irrefutable proof, which is an email from CMC confirming that my balance with a timestamp. Minutes later they changed the balance on my account, stealing money, the justification is that they had executed at a lower price by mistake.... in reality they adjusted to give me the worst possible price, i.e. best for them.

Don't know what to do next, the FSO says I should accept CMC's "offer" to return the money from the last trade.

It's just amazing, where's the FSA??

Please help me if you have information in the press or other that I can use as backup to show that CMC is a scam and is ripping clients, by using requotes, freezing access to the platform and messing with the execution prices and timestamps.

I just have one question? Was there a erroneous price quote involved, which did not reflect the underlying asset, or for short, did you get into the trade on a wrong price quote?

____________
"Take control with Risk & Money Management"

 

[sfarmer]

You cannot win against these people, the only thing you can do is close the account and open one with a broker who does not have a dealer based desk such as FXCM. No requotes. etoro.com are also very good.

 

[JohnD2012]

I just have one question? Was there a erroneous price quote involved, which did not reflect the underlying asset, or for short, did you get into the trade on a wrong price quote?

____________

Thanks for the opportunity to clarify.

So this was the situation: I had a large position in CFDs before the open in an European Index.
That index opened with a big gap, so my position should have been executed right on the open, since it passed my margin.

The position was executed at 08h05h... according to the timestamp of the email I received at price X. I received an email with my balance being -Y

Well after a couple of minutes, as I was looking into the account CMC takes an extra 160 euros (more than that) from my acc, making the balance -Y-160euros

They just ripped it off the the balance, incredible!!

Of course no explanation, after my complaint they said that the execution price was worse than they had estimated... but .. I caught them because of the email with the timestamp and the balance.

I figure they have done the same dozens of times.
If they stole more +160 euros from 1 trade, imagine what they have done during months and dozens of trades...


Please help me out if you can by sending cases and links to news about CMC malpractices , the FSO just wants them to return the money from the last trade (because I provided proof with the email) and won't investigate anything...

 

[orangesunset]

I've presented a complain to the FSO about CMC Markets UK, regarding messing with the prices of my orders and altering the balance of my acc (in their favour of course).

I've asked for the FSO to investigate, but instead they are only accepting the last trade I did, cause I've presented irrefutable proof, which is an email from CMC confirming that my balance with a timestamp. Minutes later they changed the balance on my account, stealing money, the justification is that they had executed at a lower price by mistake.... in reality they adjusted to give me the worst possible price, i.e. best for them.

Don't know what to do next, the FSO says I should accept CMC's "offer" to return the money from the last trade.

It's just amazing, where's the FSA??

Please help me if you have information in the press or other that I can use as backup to show that CMC is a scam and is ripping clients, by using requotes, freezing access to the platform and messing with the execution prices and timestamps.

Am not surprised that the FSO (nor the FSA) don't want to help.
My understanding is that they have the resources to deal only with claims that involve a considerable amount of money.
Firms such as CMC know how to take full advantage of this.
Changing execution prices and stopping trades are easy things for them to do.
According to people with inside information they certainly do take advantage of less knowledgeable clients in a number of ways - such as finding ways to manipulate execution prices to work in their favour.
Have not seen anything in the press about their activities but am sure the FSO will have a long file of complaints against them.
In my opinion such a list of complaints should be made public - along with a response to each complaint by the firm involved.
We could then at least see the extent of unfair practises.
Advice must be to stay away from such firms - they are not a charity.
They are in businesss to make as much money for themselves as possible !

 

[francisfinley]

Am not surprised that the FSO (nor the FSA) don't want to help.
My understanding is that they have the resources to deal only with claims that involve a considerable amount of money.
Firms such as CMC know how to take full advantage of this.
Changing execution prices and stopping trades are easy things for them to do.
According to people with inside information they certainly do take advantage of less knowledgeable clients in a number of ways - such as finding ways to manipulate execution prices to work in their favour.
Have not seen anything in the press about their activities but am sure the FSO will have a long file of complaints against them.
In my opinion such a list of complaints should be made public - along with a response to each complaint by the firm involved.
We could then at least see the extent of unfair practises.
Advice must be to stay away from such firms - they are not a charity.
They are in businesss to make as much money for themselves as possible !

maybe we can get the information under the freedom of information act?

Im willing to help set this up.

 

[Ross Spur]

Am not surprised that the FSO (nor the FSA) don't want to help.
My understanding is that they have the resources to deal only with claims that involve a considerable amount of money.
Firms such as CMC know how to take full advantage of this.
Changing execution prices and stopping trades are easy things for them to do.
According to people with inside information they certainly do take advantage of less knowledgeable clients in a number of ways - such as finding ways to manipulate execution prices to work in their favour.
Have not seen anything in the press about their activities but am sure the FSO will have a long file of complaints against them.
In my opinion such a list of complaints should be made public - along with a response to each complaint by the firm involved.
We could then at least see the extent of unfair practises.
Advice must be to stay away from such firms - they are not a charity.
They are in businesss to make as much money for themselves as possible !

Sounds like paranoia to me. Who are these 'people with inside information'? The FSA might not be too bothered about someone using a few quid on spreadbetting, but the FOS will certainly look into a complaint for you. A complaint against a SB also costs them money even if they win the case, so they'll want to avoid that if possible, especially as losing a client will mean losing a potential profit.